I'm Saving 24% on Amazon and Other Gift Cards including VISA

[ETFnerd]

If you have Giant or Stop and Shop supermarket near you can purchase a lot of different gift cards through Thursday of next week 6/21/2012.

If you buy a $50 gift card, you get a $10 coupon to use off your next purchase. However, you can use the $10 coupon to purchase another $50 gift card for $40. And you just keep repeating. Most stores will allow you to use the coupon towards your gift card purchase, there are some that may not. If they don't, just use the $10 coupon for groceries. If for some reason the coupon does not print, go to customer service and show them the circular (the deal is on the front page). Giant usually has great customer service and will make it right by giving you a 10 giant gift card or sometimes cash.

In addition I have a chase credit card that is offering 5% bonus cash back on groceries (up to $1500) if you signed up during the promotional periodl I am not sure if you can still sign up or not. Giant is coding the gift card as groceries so you get the cash back. So that's an additional 4% discount because it is 5% on $40.

In essence you are getting a $50 gift card for $38 or 76 cents on the dollar.

Usually you can get a discount on some gift cards, but it is really difficult to get discounted amazon gift cards.

You can't buy 10 gift cards in one transaction and expect to get 10 coupons. You have to buy them one at a time.

The other deal which may be better is the VISA gift cards that are like cash. Apparently you can buy a $50 Visa gift card for $38 net (if you get chase cash back) and then use the card to pay online bills. However, there is a $5 activation fee, so the discount is only 14%. But you are really not spending money but paying off stuff. You can't really turn the prepaid Visa cards into cash.

Please do this at your own risk. I learned of this on slickdeals.net.